INVESTOR PROTECTION HEARINGS BEFORE A SUBCOMMITTEE OF THE INTERSTATE AND FOREIGN COMMERCE EIGHTY-EIGHTH CONGRESS FIRST AND SECOND SESSIONS ON H.R. 6789, H.R. 6793, S. 1642 BILLS TO AMEND THE SECURITIES ACT OF 1933, AS AMENDED, OTHER PURPOSES 28-738 O DECEMBER 3, 4, AND 5, 1963; JANUARY 21, 22, 23; Printed for the use of the Committee on Interstate and Foreign Commerce U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1964 COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE Arkansas, Chairman OREN HARRIS, JOHN BELL WILLIAMS, Mississippi SAMUEL N. FRIEDEL, Maryland TORBERT H. MACDONALD, Massachusetts GEORGE M. RHODES,1 Pennsylvania JOHN JARMAN, Oklahoma LEO W. O'BRIEN, New York JOHN E. MOSS, California JOHN D. DINGELL, Michigan PAUL G. ROGERS, Florida ROBERT W. HEMPHILL, South Carolina HORACE R. KORNEGAY, North Carolina GILLIS W. LONG, Louisiana LIONEL VAN DEERLIN, California JOHN B. BENNETT, Michigan J. ARTHUR YOUNGER, California Burnside, Robert A., New York, N.Y. 813 Cary, Hon. William L., Chairman, Securities and Exchange Commis- 1202, 1239 745 Cohen, Manuel F., Commissioner, SEC.. Combs, Harvey G., commissioner of insurance, State of Arkansas. 868 Deering, Fred, Security Life & Accident Co... Farnam, C. Eugene, commissioner of insurance, Commonwealth of 868 Fleischer, Arthur, Jr., Executive Assistant to the chairman, SEC. 1202, 1239 Ford, Peyton, counsel, National Association of Life Companies, Inc.- Foshay, William Ward, special counsel, Investment Bankers Associ- Funston, Keith, president, New York Stock Exchange. Galotti, Edward F., Arlington, Mass.. Grady, Stafford R., commissioner of insurance, State of California__ Hanson, Murray, managing director and general counsel, Investment Bankers Association of America_ Holenstein, Paul L., president, Prudential Diversified Services, Howell, Charles R., commissioner of insurance, State of New Jersey__ Hughes, Francis J., general counsel, Association of Exchange Firms, New York, N.Y., on behalf of James C. Kellogg III, president_ Hundahl, D. J., Jr., National Security Life & Accident Co.. King, William M., securities commissioner of the State of Texas.. Palumbo, Louie, president, Franklin National Life Insurance Co., Partridge, Robert D., legislative representative, National Rural 855 868 934 Roberts, De Witt, executive secretary, National Association of Life 969 Robinson, Charles A., Jr., staff engineer and counsel, National Rural 855 Rosenberg, Leonard, Chesapeake Life Insurance Co. 969 Schapiro, Morris A., president, M. A. Schapiro & Co., Inc., New Saul, Ralph S., Director, Division of Trading and Markets, SEC. 1202, 1239 1357 Shipley, Carl L., senior partner, Shipley, Akerman & Pickett, Wash- 773 Spacek, Leonard, Arthur Andersen & Co., Washington, D.C.. Swift, James P., Lincoln National Life Insurance Co. Taylor, Lawrence H., chairman of the National Stock Exchange. Whitney, Jack II, Commissioner, SEC. 1202, 1239 Williamson, John C., director of governmental relations, National 1401 Yost, C. C., Vice President and Chairman of the Executive Committee_ 969 Additional material submitted for the record: Association of Real Estate Syndicators, New York, N.Y., a memoran- 1407 Association of Stock Exchange Firms, statement of James Crane 768 Coleman, Ralph P., Jr., additional testimony- 754 "Disorder in the Market," an editorial from the New York Times, 1065 Memorandum on selling practices of the American Securities Industry 687 "Some State Securities Officials Oppose Plan To Force Broker-Dealers 783 Additional material submitted for the record-Continued States replying to inquiry of stockholder information supplements: "The Need for Better Quotations", a clipping from the Bank Stock 799 Communications submitted for the record: American Druggists' Insurance Co., letter dated November 13, 1963, 1396 Byrne, Joseph P., letter to Hon. Stafford R. Grady, dated January Arkansas Life Convention, letter dated November 6, 1963, by Her- Budget Bureau, letter dated March 13, 1964, and signed by Mr. 1403 889 |